10 Wealthiest States in the United States

The Census Bureau’s American Community Survey (ACS) allows us to rank America's wealthiest states according to median household income. The results are surprising, with states like New York falling shy of the top 10 while Alaska near the top of the list. Below, we also consider the number of millionaire households in each state, the unemployment rate and the number of people below the poverty line. 

Median Household Income:  $60,190 (2013)
Millionaire Households: 5.79% (2014)
Population: 38.8 million (2014)
Unemployment Rate: 6.3% (April 2015)
Persons below poverty level: 15.9% (2009-2013)

Thanks, in part, to its booming tech economy, California is one of the wealthiest states in the country. At the same time, California has a relatively high unemployment rate and the highest percentage, of states listed here, of people living in poverty. 

Median Household Income: $60,702
Millionaire Households: 5.72% 
Population: 5.457 million (2014)
Unemployment Rate: 3.7% (April 2015)
Persons below poverty level: 11.5% (2009-2013)

Minnesota has the lowest unemployment rate of the states on our list, a relatively low percentage of people living below the poverty level, and a booming Midwestern economy, thanks in part to Target Corp (TGT), Best Buy Co Inc (BBY) and General Mills Inc (GIS), which are all headquartered in the state.

Median Household Income: $62,666
Millionaire Households: 6.76% 
Population: 8.326 million (2014)
Unemployment Rate: 4.8% (April 2015)
Persons below poverty level: 11.3% (2009-2013)

Virginia's unemployment rate puts it below the national average, and the state has a relatively high percentage of millionaire households. The state has a large number of government employees and contractors, many of whom commute to Washington D.C. from the northern part of the state. The U.S. Department of Defense is the state's largest single employer. Government jobs in northern Virginia relating to information technology are among the highest paid jobs in the state.

Median Household Income: $64,230
Millionaire Households: 6.65% 
Population: 1.327 million (2014)
Unemployment Rate: 3.8% (April 2015) 
Persons below poverty level: 8.7% (2009-2013)

Of all the states on our list, New Hampshire has the lowest percentage of people living below the poverty level and a very low unemployment rate. Manufacturing, healthcare and tourism are a few of the Granite State's  leading industries.

Median Household Income: $66,768
Millionaire Households: 6.66% (2014)
Population: 6.745 million (2014)
Unemployment Rate: 4.7% (April 2015)
Persons below poverty level: 11.4% (2009-2013)

According to the Census Bureau, New Hampshire's neighbor, Massachusetts, has the highest percentage of residents with bachelor's degrees. Along with its universities (among the world's best), financial services, technology and medicine are strong engines of the state's economy.  

Median Household Income:  $67,098
Millionaire Households: 7.23% 
Population: 3.597 million (2014)
Unemployment Rate: 6.3% (April 2015)
Persons below poverty level: 10.2% (2009-2013)

Connecticut has the second highest percentage of households with investable assets over a million dollars, but its unemployment rate puts it above the national average. Prospects in certain depressed cities, like Bridgeport, look grim. But the finance, insurance, and wealthy workers who commute into New York (and live in rich enclaves like Greenwich) put Connecticut high on this list.  

Median Household Income:  $68,020
Millionaire Households: 6.93% 
Population: 1.42 million (2014)
Unemployment Rate: 4.1% (April 2015)
Persons below poverty level: 11.2% (2009-2013)

Barack Obama's home state can be rather expensive to live in, but Hawaii's booming tourist economy has lifted the median household income. Defense is another major industry, with 75,000 U.S. Department of Defense personnel living on the islands.

Median Household Income: $70,165
Millionaire Households: 7.14% 
Population: 8.938 million (2014)
Unemployment Rate: 6.5% (April 2015)
Persons below poverty level: 10.4% (2009-2013)

Across the river from New York City, New Jersey has the highest population density in the country. Biopharmaceuticals, transportation and manufacturing are leading industries here, and more than a few millionaires commute to Wall Street.

Median Household Income:  $72,237
Millionaire Households: 6.82% 
Population: 736,732 (2014)
Unemployment Rate: 6.7% (April 2015)
Persons below poverty level: 9.9% (2009-2013)

Sarah Palin's home state makes a strong showing, with the highest unemployment rate on our list but a low percentage of people living in poverty. The oil dividends that all Alaskans receive don't hurt (in 2014, it amounted to $1,884 per person), and tourism and fishing also help drive the economy.

Median Household Income:  $72,483
Millionaire Households: 7.67% 
Population: 5.976 million (2014)
Unemployment Rate: 5.3% (April 2015)
Persons below poverty level: 9.8% (2009-2013)

Maryland is tops, not only for median household income, but for the percentage of millionaire households it has. The state benefits from its proximity to the centers of power in Washington, has a strong defense industry, and a wide range of opportunities for workers in health care and education. The National Security Agency (NSA) is the largest employer of mathematicians in the U.S. and stands among the top places to work in Maryland.

The inflation-adjusted U.S. median household income for 2013 was $51,939, substantially below the figures for the wealthy states on this list that range from $60,190 to $72,483. The inflation-adjusted U.S. median household income for 2013 is actually 8 percent lower than it was in 2007, reflecting the lack of progress for the American middle class during the recovery from the 2007-2009 recession. Data from the Census Bureau also shows that the distribution of household incomes has become more unequal in the years following the recent economic recession.